St. Paul daily globe., 1887-04-28
YESTERDAYS MARKET.
IN the Chicago Board of Trade the Big
Wheat Deal Showed Signs Of a
Collapse.
The Free Selling by Members of the
Bull Clique Created Panicky
Feeling,
Particularly Among the Small Hold
ers. Who Became Somewhat
Frightened.
of Wall Street--GeneralQ Quota
tions.
sneoial TO the Globe.

Special TO the Globe. ..... ...-....
CHICAGO, April aT.-It was not possible to
.all to-day's market from one hour 10 an
other. The phase 1T the opening was OF one
.ort; the phase at noon of another; the pnaSe
al the close. of still another sort. Tonight
the crowd believes that the wheat
ing has collapsed. They were inclined 10 pe-
ieve that it had at the opening this morning;
hey had changed their minds at noon, ana
we're again convinced at the close that Wheat
was no good; that before many hours there
would be foot race TO sell out May wheat
closed ut S2c. June at SO SC, May corn at ooe,
May ribs at ST.. 50,and May lard at So SoQG6S q.
I'm the midst of the excitement, and especially
At its height, there was snali army vi
brokers' headed by Ed SwitZer, buying June
wheat for kerShaw n Co IN the whlrl ana
alarm that the whole pit vas in this had no
effect but after the break in May had oeen
accomplished il began TO become prominent.
Ii is estimated that KcrShaW's purchases or
June aggregated over 100000 bushels up
TO ahout noon. When this became known the
pit settled down again 10 the convicnon, as IL
has settled down heretofore on hair dozen
other occasions. that toGay'S operation was
certainly ...
"A SHAKE OUT"
wheat went overheard. II don't believe,
said William Dunn, well-known exporter,
that there will be any snch manipulation OF
wheat as will lock ii up here me wnole
crowd is working around 10 TINS view ol tue
wheat operation; that it is a huge, broad,
well-hacked manipulation that will handle the
cash wheat just as it handles the options 10
make money: that the stocks OF cash wheat
here and the stocks elsewhere will be marked !:
that the deal will run through June anu
NfHN .fpaS Nll
while be marked up without, perhaps, any
very violent squeeze, and hna'ly
the .tailers'' will every now ana
then be sacrificed. There was an
enormous export business III "hcat All
around. The most significant part OF IL was
here at Chicago. Kershaw took "essei room
here for $50, coo bushels OF Milwaukee Wheat ai
for export, and bid TOR vessel room Tor oou'ooo
bushels more. From ST. Louis II was re-
ported that arrangements were being mace 10
take ou: 600, 900 to 100000 bushels Oh tha1
wheat. AT New York a large business was
slso reported doing In corn the pressure
from the May longs is dragging the price
down slowly but surely
THE ROUTINE REPORT.
CHICAGO, April 2I.-The big wheat ueai
showed evidences OF going TO pieces iately.
1t is possible that the scare over the possloli-
itv of Il squeeze in May delivery had NOT
merely passed, but certainly the tree sellih2
nv members OF the bull clique frightened q
growing class of small holders and developeo
a panicky and uncertain feeling IN tne PIT.
The selling was very free throughout the en-
tire duy This was especially true al the
opening when the offerings were very heaVy'
The starting price Tor Hay delivery was S41 c.
but values dropped of so rapidly that parties
having stop orders to fill could not execute
them at anywhere near the limits gwen IL
was not il matter of price, the troubie was 10
mud the buyers. Everybody was seiilng ana
no one cared to buy, and prices uroppeo az -.
15cat a time The impression had gone out
htfore the opening that the "cllque were
about TO SELL and for the first ten minutes
there was scramble TO realize. seiooln
witnessed on the exchange. May decilheu AZ
10 SIC, While June declined ic ana Juiy
SO During the excitement May
dronped 20 15c below June, though
This premium was subsequently mar
rowed down again. When the seiilng
ceased to some extent operators began 10
compare notes. and they came 10 the conciu-
sion that some of the firms Identified with the
..nrinun', had bought very freely of June and
this caused Il tirmer feel ng. May advanced
lIIc. c.Juue &C and July 3&c. In the afternoon
however the selling was again Oh d furious
description, and May dropped to SlS4c aho
Yesterday June lc lower and July &c lower
1t was found difficult to analyZe the days op-
eratons, but the prevalent Deler appeare
TO he that the clique intended TO shift he
load OF carrying the wheat TO June on Other
parties removing the fear, in a measure, OF
a Nav "corner." The clearings from the sea-
board were 10000 bu. The amount of wheat
on ocean passage increased SSO,OUO Du. Ihe
weakness in wheat was reflected in corn and
throughout the day the speculative offerings
were free causing decline OF 2sC024c, the
market closing ut nearly inside figures. Re-
ceip1s were less than usual and the estimated
arrivals tor tomorrow were also small. Oats
were weak and prices declined 54c under free
speculative offerings. Mess pork was un-
changed. There WAS a strong pressure 10
sell lard and prices broke OH 2oc per loo
Tbs, closing at inside figures. Short ribs de-
clined 20@25c and closed at the lowest prices
Of the day
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. 2. April, opened at S3$4e, clos
ing at Sl15c; May, S44c, closing at s2c;
June, sac, closing at S21sc: July, S31ac, closing
at 82slQs275c Corn-No. ,, April, 3S19c,
closing at 311lc: May, 5S}sc, closing at 3sc;
June 40c, closing at 1890; July, 4l2sc,
closing at 4114c. Oats-No. ., April, 213sc.
closing at 2t58c; May, 2S1se' closing at
2185c; June, 29c, closing at 2s1ac; July.
a9lSc, closing at 29c. Mess pork, per barrel
-April. 5000. closing at S205G; May,
500. I5 closing at SOULS; June, $40. 10, closing
at $50 75. Lard, per 100 pounds-April, S1.0214.
closing at S6S5; May, S7021a, closing at
$3.50: June S1.1215,- closing at So. .921@; July.
wv
pounds-April, $7.65, closing at $1.50; May,
S7.65. closing at $7.o0; June. $:.Ts1a, clos
ing at $3.50; July, S5.S712, closing at $40.
Cash quotations were as follows: Flour quiet
and unchanged. Wheat--No. 2 spring, slH@
Size; No spring. 74@7sc; No 2 red, SIG
Size. Corn--No. .. 31c. -Oats-NO. 2, 21Ac.
Rye-No. 2, sc Barley-No. y: ?, 54@5415c- s7
Prime SLIGO. Mess pork. per bbl, S20.50.
Lard. per 100 lbs, S6.s5. Short ribs sides,
loose, $3.50; dry salted shoulders, boxed,
e666.I0; short clear sides, boxed, $50
s.05. Whisky, dstiliers' finished goods, per
GAL Sl.1S. Sugars, >ut loaf, 614@62sc;
granuated, &c: Standard "A, 535c. Re-
ceipts-Flour. 10000 bbls; wheat, ~, 900 bu:
corn, 4200c bu: oats, 100000 bu; rye. 6,00L
bu; barley, $4,000 bu. Shipments-Flour,
5000 bbls; wheat, 1000 bu: corn, 553, 00O
bu: oats, $4,000 bu: rye, 1000 bu; hurley.
1900 bu. On the produce exchange to-day
the butter market was steadier; creamery,
l7@23c per ID; dairy, 151@@2l1ac. Eggs l0h
@111ac per doz.
r, M. NEWPORT & SON,
investment Bankers 152, 1853, l54 Drake Block,
ID al Irsta